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Singapore Billionaire Kwek Leng Beng Sues Son In Battle For Control Of Property Giant City Developments

Singapore's Manpower Minister Tan See Leng and Law and Home Affairs Minister K Shanmugam are suing Bloomberg for defamation over an article discussing Good Class Bungalow transactions, which they find libellous.
Court proceedings for this defamation case are set for March 3.
Kwek Leng Beng, chairman of City Developments, accused his son Sherman Kwek of attempting a boardroom coup, citing mismanagement since 2018.
City Developments reported a 37% drop in annual net profit to S$201.3 million, missing analysts' expectations due to lower contributions from property development.

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The Straits Times

What to know about CDL’s father-and-son duo and other family members in the business

More than 15 family members are reportedly involved in the Hong Leong Group, the conglomerate that controls CDL.

12 hours ago·Singapore

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Channel News Asia

Power tussle at CDL sparks concerns over governance and share price volatility

All eyes are now on whether governance lapses have occurred at the property giant and how swiftly and transparently the company can resolve its internal discord, experts said.

19 hours ago·Singapore

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Fortune

Father-son feud and an alleged ‘attempted coup’ rock one of Singapore’s largest property developers

Kwek Leng Beng, the chairman of City Developments Limited, is accusing his son Sherman Kwek, who is the CEO, of "serious lapses of corporate governance".

22 hours ago·New York, United States

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Denver Gazette

Two Singapore ministers file defamation lawsuits against Bloomberg

SINGAPORE (Reuters) - Singapore's law and home affairs minister and its manpower minister have filed defamation lawsuits against Bloomberg News and one of its reporters, according to a schedule of court hearings.

24 hours ago

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Bangkok Post

Singapore tycoon accuses son of boardroom coup attempt

Singapore’s largest listed property developer was plunged into crisis on Wednesday, when its chairman and patriarch Kwek Leng Beng accused his son — the chief executive officer — of attempting a boardroom coup at City Developments Ltd (CDL).

1 day ago·Bangkok, Thailand

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Nikkei

Father fights son for control of Singapore property firm

SINGAPORE -- A battle has broken out for control of City Developments Limited, a major Singaporean real estate developer, with Chairman Kwek Leng Beng

1 day ago·Japan

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